If you are reading this, it means you are interested in improving your trading. But let me be very clear. To be successful as a trader. It isn’t just about graphs, ladders and market signals.
I want to discuss productivity. When I worked in a car factory whenever we heard that word “productivity” it meant we were about to get more work. But what does it really mean in our day to day lives?
The biggest barrier we face when we are striving to learn new skills or improve the quality of our lives is TIME.
Time waits for no one.
To take things to that next level. To really “kick on” with your goals and aspirations, you need a strong work ethic and the ability to think clearly and objectively.
There are many barriers in our way stopping us achieving this.
You will have heard this line from so many quarters.
“Hard work = success”.
What about this one?
“Work smarter, not harder”.
I prefer this line.
“Hard work + Smart work = Success”
What I think is much more is important is how you value your time. We have all heard about the old Pareto 80/20 rule, and how it can be applied to so many situations in life.
In this situation we can say that 20% of our input leads to 80% of our outcomes.
Trimming down the excess
Over a decade ago I found Twitter. I saw it as a fabulous way to collect data and opinion. Back then it worked very well. Things have changed. I spoke a while back about the negative bias that operates within Twitter and in fact social media in general. Twitter is now an angry mob.
Not only does social media take you away from doing what you should be doing. It can also alter your mood. How many times have you spent 10 minutes on Twitter and then the next hour being annoyed with something you read? How is that adding any value to your life?
Are there any other “time sappers” in our everyday lives?
Smart phone – It’s probably the biggest drain in your life. Is it possible to have a normal conversation with anyone without them looking at their phone every 2 minutes?
Email – I get over 100 emails a day. 95 of them add zero value to my life. The problem with email and the world we live in now is people expect an instant response. I had an email last week from someone. I didn’t reply as I was busy doing something else. 1 hour later I got another one from the same person. It said “????????????”.
Consider an auto responder that says something like.
“Thanks for your email. I answer my emails at xx:xx pm. I will respond in due course.”
The way I use my time and social media has changed. Let me share that with you, and also a way that will prove to you in no uncertain terms just how much time you are wasting each day.
What I would like you to do is create a journal for 30 days. I expect that after a few days you will see what I am saying is shockingly true.
I have knocked up an excel sheet you can download HERE
Fill this in (the instructions are within the sheet)
I think you will be amazed with just how much time you waste. 15 minutes here and there on your phone or Facebook/Twitter, answering pointless emails. Even if you don’t use this time to be productive,
This may sound harsh. But if you want to be productive. To spend time educating yourself. Adding value to your life. You need to eradicate the things that are not adding value and sapping your time and energy.
Once you have freed up all of this time, and have a new energy and positive outlook. Use it wisely.